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Future Scholar 529 College Savings Plan (Direct-sold)

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Best SC resident benefits

SC resident benefits

The Future Scholar 529 College Savings plan offers multiple investment options from Vanguard and Columbia and a high maximum contribution limit of $575,000. Contributions to the plan by residents of South Carolina are fully deductible in computing South Carolina state income taxes. Note that the plan is only available to residents of South Carolina.

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Future Scholar 529 College Savings Plan (Direct-sold)Honors

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2002

State agency

Office of the State Treasurer

Tax deduction

For single filers: No limit

For joint filers: No limit

Program manager

Columbia Management Investment Advisors, LLC

Program distributor

Columbia Management Investment Distributors, Inc.

Manager contract term

MORE INFORMATION

Eligibility

State residency requirements:

The account owner or beneficiary must be a resident of South Carolina, or an employee of the State of South Carolina, at the time of program enrollment.

Who can be a participant/owner in the program?

U.S. citizens and resident aliens and UGMA/UTMA custodians. The Treasurer and Program Manager may permit other persons and legal entities to open accounts; joint ownership by spouses is permitted.

Significant time or age restrictions imposed by the program:

None

Did you know?

  • SC residents can claim a tax deduction for contributions to a SC 529 plan.

    Contributions are deductible in computing state taxable income

  • 529 plan contributions grow tax-free.

    Withdrawals are tax-free when used to pay for qualified higher education expenses.

  • You can contribute as much as you want, as often as you want.

    The key is to get started. Enroll today by completing a quick form online.

Future Scholar 529 College Savings Plan (Direct-sold)
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Contributions

Maximum contributions:

Accepts contributions until all account balances in South Carolina's 529 plans for the same beneficiary reach $575,000.

Minimum contributions:

None

Does the program offer an e-gifting platform for receiving gift contributions?

This plan offers an online tool to share a gift contribution link with family and friends.

Investment Options

Investors in Future Scholar 529 College Savings Plan (Direct-sold) can select from the following investment options. Click on a portfolio name for more information.

The Age-Based Portfolios option is offered in 3 different risk levels (Aggressive, Moderate, and Conservative) each containing 9 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the risk level selected and based on the age of the beneficiary, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
PortfolioE.R. % Equity1yr performance
Aggressive 0-3 Years (Aggressive Growth)0.14%93%5.12%
Aggressive 10-11 Years (Moderate)0.11%53%5.4%
Aggressive 12-13 Years (40% Equity)0.1%42.6%5.44%
Aggressive 14-15 Years (Moderately Conservative)0.09%32.5%5.46%
Aggressive 16-17 Years (20% Equity)0.09%22.1%5.58%
Aggressive 18 Years and over (Conservative)0.09%11.5%5.55%
Aggressive 4-5 Years (Growth)0.14%83.2%5.38%
Aggressive 6-7 Years (70% Equity)0.13%73.1%5.35%
Aggressive 8-9 Years (Moderate Growth)0.12%63%5.31%
Moderate 0-3 Years (Growth)0.14%83.2%5.38%
Moderate 10-11 Years (40% Equity)0.1%42.6%5.44%
Moderate 12-13 Years (Moderately Conservative)0.09%32.5%5.46%
Moderate 14-15 Years (20% Equity)0.09%22.1%5.58%
Moderate 16-17 Years (Conservative)0.09%11.5%5.55%
Moderate 18 Years and over (College)0.08%0%5.19%
Moderate 4-5 Years (70% Equity)0.13%73.1%5.35%
Moderate 6-7 Years (Moderate Growth)0.12%63%5.31%
Moderate 8-9 Years (Moderate)0.11%53%5.4%
Conservative 0-3 Years (70% Equity)0.13%73.1%5.35%
Conservative 10-11 Years (Moderately Conservative)0.09%32.5%5.46%
Conservative 12-13 Years (20% Equity)0.09%22.1%5.58%
Conservative 14-15 Years (Conservative)0.09%11.5%5.55%
Conservative 16 Years and over (College)0.08%0%5.19%
Conservative 4-5 Years (Moderate Growth)0.12%63%5.31%
Conservative 6-7 Years (Moderate)0.11%53%5.4%
Conservative 8-9 Years (40% Equity)0.1%42.6%5.44%

Age-based/Enrollment Year investment options:

The Age-Based Portfolios option is offered in 3 different risk levels (Aggressive, Moderate, and Conservative) each containing 9 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the risk level selected and based on the age of the beneficiary, and later reassigned to more conservative portfolios as the beneficiary approaches college age.

Static investment options:

Select among 7 Target Allocation portfolios (Aggressive Growth, Growth, Moderate Growth, Moderate, Moderately Conservative, Conservative and College), 7 individual-fund index portfolios, a short-term bond fund, a money market fund, and a bank deposit account.

Underlying investments:

Columbia Funds, Vanguard funds and ETFs, SPDR ETFs, a Stable Value portfolio, and a Truist bank deposit account.

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

None.

Program management fees:

None

Expenses of the underlying investments:

Ranges from 0.06% to 0.15% (portfolio weighted average) in the age-based and target allocation portfolios, and from 0.02% to 0.24% in the individual-fund portfolios. None for the Bank Deposit Portfolio.

Total asset-based expense ratio:

0.00% - 0.24%

Taxes and other Benefits

Tax deduction for single filers:

No limit

Tax deduction for joint filers:

No limit

Program match on contributions:

None.

State tax deduction or credit for contributions:

Contributions, including rollover contributions, to a South Carolina 529 plan are fully deductible in computing South Carolina taxable income. Contribution deadline: April 15 of the following year.

Calculate your South Carolina 529 tax benefit

Find out how much you can save on state taxes this year by contributing to a South Carolina 529 plan.

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

State tax recapture provisions:

The principal portion of nonqualified withdrawals from this plan are included in South Carolina taxable income to the extent of prior South Carolina tax deductions. Rollovers apparently are not subject to recapture.

State definition of qualified expenses

The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, apprenticeship programs, interest and/or principal on qualified education loans up to a $10,000 lifetime cap, and up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. Distributions from a 529 account directly to a Roth IRA are considered a qualified expense for state income tax purposes.

State tax treatment of qualified distributions:

Qualified distributions from South Carolina and non-South Carolina 529 plans are exempt.

State tax treatment of rollovers:

South Carolina follows federal tax-free treatment.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

No

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

Did you know?

  • Residents are not limited to investing in their own state's 529 plan.

    Another state may offer a plan that performs better and has lower fees.

  • The 529 plan chosen does not affect which state the student enrolls in.

    You can live in New York, open a plan from Nevada and send a student to college in Florida.

  • The best way to maximize your college savings?

    Start early and save often. You can get started today with easy online enrollment.

Future Scholar 529 College Savings Plan (Direct-sold)
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Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution, beneficiary, beneficiary and institution jointly, or account owner, as directed by the account owner.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

Yes

Documents and other services accessible or downloadable on the program's public Web site:

Contact

Website:

http://www.futurescholar.com/

Telephone:

1-888-244-5674

Social Media

Start saving for your child's future today

Complete the online application and make your first deposit

Future Scholar 529 College Savings Plan (Direct-sold)
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